Soybeans were higher on commercial and technical buying. New crop export sales were solid, crush margins are positive, and soybean meal was up on strong cash demand. September beans were unable to trade above $15 and near-term weather looks mostly bearish, which might set the stage for weakness Friday. The trade thinks recent rains have helped conditions, with more in the forecast for some areas this weekend. Old crop soybean export sales failed to break 100,000 tons following cancellations by unknown destinations and Egypt, while new crop sales topped 1.3 million tons, mainly to China and unknown destinations.
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